Shiba Inu Price Prediction as SHIB Overtakes Binance USD in Market Cap - Can SHIB Reach $1?
The crypto market is an industry filled with many fast-moving projects. Many blockchain projects see their position on the global ranking.
One such case is popular Dogecoin killer Shiba Inu which has recently overtook Binance-owned stablecoin BUSD.
At press time, the SHIB token is ranked 13th, one place higher than BUSD, with only a million higher in market valuation.
Could this be the long-awaited ascent of SHIB to the $1 price peg? Time would tell.
At press time, the Shiba Inu coin price is trading at $0.00001156, indicating a price surge of about 3% in the last 24 hours.
The uptrend in the meme coin puts 24-hour hour trading volume at over $322 million, signaling a continued price climb.
SHIB's seven-day price performance has seen it rise by 4.93%, while its 30-day monthly growth has just upped a 6.36% increase.
The current CoinMarketCap ranking is #13, pulling ahead of the Binance USD to clinch the position with a CoinMarketCap of $6.7 billion while the Binance closely enters the $6.6 billion.
The digital asset's technical indicators continue to show the asset might just be on a promising uptrend rally.
The asset’s current price overshadows its 50-day moving average (MA) value of $0.00001102, with its 200-day MA indicator price of $0.00001064 reinforcing this bullish streak.
The coin saw its last heavy dump following the FTX fiasco, which saw a heavy downtrend across all cryptos.
Other technical indicators point to the fact that this might be a great time to jump in on the Shiba Inu ecosystem.
Its relative strength index (RSI) has an indicator figure of 52.61, showing that the Dogecoin killer is currently in the underbought region. Investors can buy SHIB and rise with the market.
Likewise, the moving average convergence
Read more on cryptonews.com
